The European Securities and Markets Authority has finalized revised Market Abuse Regulation guidelines on when issuers may delay disclosing inside information, completing the framework proposed in its February 2026 consultation. The non-exhaustive guidance adds five legitimate interests for delay: a confidentiality order from a public authority, the need to collect information for an accurate market assessment, protection of a concrete business opportunity, certain key appointments and coordinated delays involving companies in the same group. ESMA has removed grounds linked to intermediate steps in protracted processes because, since June 2026, only the final event or circumstance in such processes must be disclosed. It has also deleted guidance on whether a delay would mislead the public, reflecting the revised requirement that delayed information must not conflict with the issuer’s latest communication on the same matter. Issuers must assess delays case by case, maintain confidentiality and disclose once the justification ends. The guidelines retain a narrowly framed ground for early-stage financial distress where concrete liquidity or capital restoration measures are underway. The revised guidelines will apply when ESMA publishes them on its website in all 24 official European Union languages.
European Securities and Markets Authority finalizes streamlined MAR guidelines with five new grounds for delaying inside information disclosure
The European Securities and Markets Authority has finalized revised MAR guidelines adding five legitimate interests for delaying inside information disclosure, including public authority confidentiality orders, information gathering and protection of concrete business opportunities. The update removes grounds tied to intermediate steps in protracted processes and aligns the guidance with the Listing Act’s revised conditions for delay. The guidelines will apply once published in all 24 official EU languages.